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MUMBAI: The benchmarks pared some of the intraday gains and were moving in a range with positive bias on Monday, led by gains in rate sensitive sectors like realty, auto and banks. The trade is likely to remain choppy in the near term due to lack of triggers, say analysts.

Following are the top six trading picks that stand a chance to give good returns in the short term:

Vikrant Shah, CEO, Latin Manharlal Securities:

Ambuja Cements

The stock was seen consolidating in a falling channel formation after rising from Rs 185 levels to Rs 201. The consolidation was seen in the range of Rs 201 to Rs 194 levels. Prices broke out of consolidation yesterday forming the bull flag formation. The higher volumes were visible at breakout, indicating a strong buying signal.

Buy the stock around Rs 203 for a target of Rs 211 with a stop loss of Rs 199 on closing basis.

IDFC

A reversal formation Head and Shoulder is visible on daily chart. The neckline breakdown is seen at Rs 172 on huge volumes. The prices have also re-tested the neckline and fell sharply.

Sell IDFC Futures around Rs 171-172 for a target of Rs 162 with a stop loss of Rs 176 on closing basis.

Tata Global Beverages

An Outside Day Bar or Bullish Engulfing, a bullish reversal candlestick formation is visible of daily chart of Tata Global Beverages. Recently we saw a sharp positive rally with volumes completing the bull formation.

Buy the stock around Rs 147-148 for the target of Rs 158 with a stop loss of Rs 142 on closing basis.

The open interest data is showing that the stocks have a strong short buildup and are trading below 50 and 200 exponential moving average. Oscillators are trading in a negative zone, which indicates the prices will head lower.

Strategy is to sell the stock at Rs 249.50 with a stop loss of Rs 261 for a target of Rs 225/230.

HPCL

The stock has started making higher highs and higher lows. Strong volume expansion has taken place in the price range of Rs 330 to Rs 365. The upmove lasted till Rs 380 and retraced back to its supports of Rs 330. We expect the prices will rally back to its previous highs of Rs 380.

Traders can buy HPCL between Rs 335 and Rs 345 with a stop loss below Rs 319 for a target of Rs 380.

IIFL

Power Grid Corporation

The stock has been consolidating in the 'ending diagonal' since the beginning of January 2013 and currently downside momentum is coming to a stand still. However, for trend reversal confirmation prices need to move above Rs 112.25 for breakout from the descending trend line. Adding to it daily RSI has been showing positive divergence which also supports buying argument in the counter.

Buy the stock above Rs 112.25 with a stop loss of Rs 109.75 for a target of Rs 117.25.